Retirement income

Older clients are advised to take extra steps to protect their finances as the current crisis may leave them prone to making poor financial decisions.

The Secure Act eliminated a popular retirement planning feature. Here are strategies to help clients mitigate the tax hit.

Seeing the size and variation in average returns among a variety of asset classes offers perspective for those who are anxious.

“[By extending the tax deadline], they automatically extended the deadline to make an IRA contribution last year,” an expert says.

Clients are advised to minimize spending and tap possible sources of cash and credit, including their tax refund.

“I don’t think the volatility will be over until we’re finished with this virus,” one RIA says.

Retirees tapping their long-term savings accounts for income in an emergency are advised to strongly consider reducing their withdrawal rates.

These retirement vehicles can be less complex and cheaper than alternatives.

“Find ways to generate income,” says one financial planner.